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Minutes for HB2726 - Committee on Taxation
Short Title
Extending the dates when corporate tax returns are required to be filed.
Minutes Content for Wed, Mar 4, 2020
Chairperson Johnson opened the hearing and recognized Adam Siebers, Assistant Revisor, who gave an overview on HB2726. The bill extends the time frame for corporations to file their tax returns. The bill would extend corporate tax returns to be filed no later than one month after the federal filing deadline of April 15. Corporate taxpayers would not be charged any penalties or be required to file an extension if the state return is filed within 30 days after the new federal deadline set by the IRS. HB2726 would be effective starting with tax year 2019.
Kathleen Smith stated there is a possible potential to decrease the State General Funds because of the late penalty fees that the Department of Revenue would not be able to impose.
Proponents:
Eric Stafford, Kansas Chamber testified for HB2726 which extends the deadline for filing corporate tax returns to 30 days after the federal deadline. The tax cuts and job act changed the corporate filing deadline to October 15, which coincides with the Kansas extension deadline. If the bill is passed, it would clear up the conflict between federal and state deadlines to allow for 30 days to file the Kansas corporate return (Attachment 7).
Written testimony was presented by Fred Nicely, Council on State Taxation, (Attachment 8).
Chairperson Johnson thanked the conferees for their testimony and closed the hearing for HB2726.
Meeting adjourned at 4:55 pm. Next House Taxation meeting is scheduled for March 5, 2020.
